Van Beek, now with Howard & Howard PLLC, is NAFCU’s former vice president
of regulatory compliance. In yesterday’s webcast, he focused on the obstacles
credit unions face in satisfying Reg Z’s advertising requirements, which are
complex, and how credit unions can help ensure their ads do not run afoul of
rules against unfair or deceptive acts and practices (UDAP).

To help mitigate these frustrations, Van Beek said, “My
recommendation is to have multiple checklists for your advertising products.
That allows you to have a formal process in place.”

Van Beek discussed what “trigger terms” in an advertisement
raise the need for additional disclosures. He said the term most often used
when advertising for credit cards is the annual percentage rate, or APR. He
also discussed advertising introductory and promotional rates and best
practices for balance transfer options.